This paper estimates the impact of the College Level Examination Program (CLEP), an exam that offers credit for student competency in a content area in lieu of completing a course. Using a regression discontinuity design, we find that passing a CLEP exam leads to a 5.5 percent increase in degree...

This paper estimates the impact of the College Level Examination Program (CLEP) examination, a college-level exam that offers credit for student mastery of a content area in lieu of completing a course. Using a regression discontinuity design, we find that passing a CLEP exam leads to a 17...

Complete limit order data from Korea show individual stocks' demand and supply elasticities correlating negatively in short windows. That is, whenever a stock's demand is unusually elastic, its supply is unusually inelastic, and vice versa. However, in long windows, individual stocks' demand and...

We investigate underlying factors that explain increases in the firm-specific volatilities of stock returns and fundamentals. We find that firm-specific volatilities are significantly higher in both manufacturing and non-manufacturing industries that are more information technology (IT)...

Using 550 million limit orders submitted in the Korea Stock Exchange, we estimate demand and supply elasticities of heterogeneous investor types and their changes around the Asian financial crisis. We find that domestic individuals have substantially more inelastic demand and supply curves than...